reported Wednesday.” data-reactid=”19″>JPMorgan Chase & Co (NYSE: JPM) terminated a number of employees after an investigation revealed they improperly applied for and received loans meant to assist businesses affected by the COVID-19 pandemic, the Financial Times reported Wednesday.
The agency asked banks to investigate suspicious activity related to the program, after which the fraudulent applications made by the bank’s employees reportedly came to light.
JPMorgan discovered that some staff members had deposited EIDL funds into their Chase checking accounts, FT noted.
The New York-based lender’s executive committee sent a memo Tuesday warning that such conduct “does not live up to our business and ethical principles — and may even be illegal.”
“Some employees have fallen short, too. We are doing all we can to identify those instances, and co-operate with law enforcement where appropriate,” the committee wrote.
uncovered that nearly a billion dollars were sent in EIDL loans to recipients that shouldn’t have received the assistance.” data-reactid=”30″>Last month, Bloomberg uncovered that nearly a billion dollars were sent in EIDL loans to recipients that shouldn’t have received the assistance.
The investigation revealed that SBA approved far more loans than the number of eligible businesses in certain parts of the United States.
discovered, wherein a man received nearly a million dollars in assistance, only to transfer the funds to his cryptocurrency trading account at Coinbase.” data-reactid=”32″>In July, a case of fraud related to PPP loans was discovered, wherein a man received nearly a million dollars in assistance, only to transfer the funds to his cryptocurrency trading account at Coinbase.
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